a contract is a legally enforceable promise or set of promises

A contract is a legally enforceable promise or set of promises

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a contract is a legally enforceable promise or set of promises. An agreement between two or more parties, especially one that is written and enforceable by law A contract is a legally enforceable agreement between two or more parties. The core of most contracts is a set of mutual promises. The promises made by the parties define the rights and obligations of the parties. Contracts are enforceable in the courts. If one party meets its contractual obligations and the other party doesn't ("breaches the contract"), the no breaching party is entitled to receive relief through the courts. A "contract" is an agreement between two or more entities which creates a legal obligation to do or not do a particular thing. A legally enforceable contract must have (i) a subject, (ii) consideration, and (iii) two or more competent parties A contract is a legally enforceable agreement between two or more persons involving the
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Unformatted text preview: exchange of some good or service. The core of most contracts is a set of mutual promises. The promises made by the parties define the rights and obligations of the parties. Contracts are enforceable in the courts If one person or party to the contract does not carry out his or her part of the promise, the other person or party is entitled to receive relief through the courts. There are a number of remedies available, including: Damages (a sum of money) to compensate the innocent party for any loss suffered this is the most common remedy; A court order requiring the party who has breached the contract to carry out his/her obligations; A court order forbidding the party from breaching the contract. A court order declaring that the contract is at an end and requiring the party who has breached the contract to put the other party in the position he was in before the contract was entered into....
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